Insider Selling: Anterix (NASDAQ:ATEX) Insider Sells 17,711 Shares of Stock

Anterix Inc. (NASDAQ:ATEX) insider Gena Ashe sold 17,711 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.31, for a total transaction of $1,440,081.41. Following the transaction, the insider directly owned 9,531 shares of the company’s stock, valued at approximately $774,965.61. This represents a 65.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Anterix Trading Up 2.0%

Shares of NASDAQ ATEX traded up $1.53 on Wednesday, reaching $79.16. 469,364 shares of the company traded hands, compared to its average volume of 488,175. Anterix Inc. has a fifty-two week low of $17.58 and a fifty-two week high of $88.12. The company has a 50 day moving average of $56.03 and a 200 day moving average of $38.64. The stock has a market capitalization of $1.48 billion, a PE ratio of 16.36 and a beta of 0.95.

Hedge Funds Weigh In On Anterix

Several institutional investors and hedge funds have recently made changes to their positions in ATEX. AQR Capital Management LLC boosted its stake in shares of Anterix by 16.9% during the 1st quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock valued at $420,000 after buying an additional 1,659 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Anterix by 50.6% during the 1st quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock valued at $4,263,000 after buying an additional 39,143 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Anterix by 17.7% during the first quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company’s stock worth $4,564,000 after purchasing an additional 18,771 shares during the last quarter. Legal & General Group Plc lifted its stake in Anterix by 19.7% during the second quarter. Legal & General Group Plc now owns 11,303 shares of the company’s stock worth $290,000 after purchasing an additional 1,857 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Anterix by 70.9% during the second quarter. Rhumbline Advisers now owns 27,998 shares of the company’s stock worth $718,000 after purchasing an additional 11,615 shares during the last quarter. 87.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ATEX. B. Riley Financial cut Anterix from a “buy” rating to a “neutral” rating and increased their target price for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. Weiss Ratings upgraded Anterix from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Anterix currently has a consensus rating of “Hold” and an average target price of $59.50.

About Anterix

Anterix, Inc is a specialized telecommunications company focused on delivering private broadband networks for utilities and other critical infrastructure industries. The company owns and operates dedicated 900 MHz spectrum that enables reliable, secure and high-performance wireless communications to support grid modernization, smart metering, distribution automation and other mission-critical applications. By leveraging this spectrum, Anterix helps electric, water and gas utilities deploy advanced communications capabilities to enhance operational efficiency and resiliency.

At the core of Anterix’s offering is its licensed 900 MHz spectrum, which provides superior propagation characteristics compared with unlicensed options and allows for cost-effective coverage over expansive service territories.